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The escalation of Sino-US trade friction may impose pressure on the freight of container vessels soon if the threats of tariffs on each other's products become a reality in full or in part, Chinese market sources commented.
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Many car manufacturers in the world have been expanding or extending their business scopes in a changing market and the latest move is from Toyota Motor Corporation (Toyota), which has committed itself to investing $1 billion into Grab, a Singapore-based ride sharing company that serving the Southeast Asian market.
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Tesla, the Palo Alto California-headquartered maker of electric vehicles, plans to build its next Gigafactory - a combination of car- and battery-making plant - in Shanghai, East China, which Chinese metal market sources suggest may increase demand for materials used in electric vehicles including aluminum, auto grade steel sheet, cobalt, nickel and lithium.
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China's auto sales grew 5.7% on year over January-May and manufacturing up 3.8% on year, both being higher than the increases in January-April, according to the statistics from the China Association of Automobile Manufacturers (CAAM).
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Chinese domestic prices of hot rolled coil which have hovered at a high level since the start of May this year will likely maintain their buoyancy this month, mainly supported by strong downstream demand and improved market sentiment.
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New shipbuilding orders received by China's major shipbuilders during January-April this year surged by 171% on year to the equivalent of 18 million DWT (deadweight tons), according to figures released by the China Association of the National Shipbuilding Industry (CANSI) on April 16.
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China's domestic steel prices are likely to be rangebound in the near term throughout June, and supplies have been on the rise, offsetting the efforts by the Chinese mills and traders in destocking, market sources shared on May 15.
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China's excavator sales stayed robust in April, with the volume jumping by 85% on year to 26,561 units, according to the latest statistics released by the China Construction Machinery Association (CCMA) on May 7. CCAM's survey canvasses the performance of China's twenty-five leading excavator markers.
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Sales of heavy trucks in China in the 14 tonnes to 100 tonnes class surged 16% year on year to 121,000 units in April, according to data released by Beijing-headquartered vehicle data provider Commercial Vehicle World on May 2.
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Chinese steel prices will likely show strong continuous upticks this month as sentiment among market players has improved, thanks largely to tighter steel supply conditions triggered by ongoing output curbs among producers in Xuzhou city in East China's Jiangsu province. But market sources cautioned that potential risks remain, chief among these being the rapidly rising steel prices.
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China's Purchasing Managers' Index (PMI) for the steel industry added 1.1 basis points on month to 51.7 in April, according to index compiler CFLP Steel Logistics Professional Committee (CSLPC) on April 30. The result underscored the expansion the country's steel sector witnessed last month, Mysteel notes.
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Shagang Group, China's largest privately-owned steelmaker headquartered in Zhangjiagang city, East China's Jiangsu province, has decided to lift its rebar ex-works price by another Yuan 130/tonne ($21/t) for the sales on May 1-10, according to its latest pricing policy released on May 1.
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Chinese domestic prices of rebar should continue tracking upward over the short term as market players envisage the robust demand for the construction steel product continuing to linger, market sources shared on April 24. But they warned that prices were unlikely to refresh last December's 74-month high anytime soon.
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Feng Hsin Steel, Taiwan's largest rebar producer headquartered in Taichung city, Central Taiwan, decided to roll over its rebar and scrap procurement prices for the week of April 23-27, a company official confirmed on April 24.
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Crude steel production in Japan during the fiscal year 2017 ending March 31 slipped by 0.3% on year, or the first annual decline in two years, according to the data released by the Japan Iron & Steel Federation on April 20.
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Bengang Steel Plates Company, the Shenzhen-listed arm of China's Benxi iron & Steel Group (Bengang Group), plans to produce 9.2 million tonnes of crude steel in 2018, or up 3.4% on year, according to the company's 2017 annual report released on April 20.
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Production of the four major home appliances in China was mixed during the January-March quarter, according to the latest data released by National Bureau of Statistics (NBS).
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The surprise announcement late last month by Chinese Premier Li Keqiang of a one percentage point reduction in the country's value-added tax (VAT) effective May 1 is being awaited by the country's steel sector with positive anticipation, Mysteel has learned.
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Japanese integrated mills Nippon Steel and Sumitomo Metal Corp (NSSMC) and Kobe Steel have each announced plans to expand production of high-strength sheets for automotive applications at their works in Japan.
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Chinese domestic rebar prices are expected to pick up later this month after navigating some short-term volatility, according to Wan Chao, a Mysteel long steel analyst based in Shanghai. The prices should continue to firm in tandem with the recovery in downstream demand as the days warm with the arrival of spring and outdoor projects recommence.
